{"id":26125,"date":"2024-08-07T18:00:00","date_gmt":"2024-08-07T15:00:00","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26125"},"modified":"2024-08-07T10:47:14","modified_gmt":"2024-08-07T07:47:14","slug":"long-term-bitcoin-holders-accumulate-23-billion-worth-of-assets","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/long-term-bitcoin-holders-accumulate-23-billion-worth-of-assets\/","title":{"rendered":"Long-Term Bitcoin Holders Accumulate $23 Billion Worth of Assets"},"content":{"rendered":"<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"5730cb78-96d4-4041-afe2-918c99373a84\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>Bitcoin<\/strong> &#8220;long-term holder addresses&#8221; have accumulated approximately $23 billion worth of assets in the past month, according to on-chain data.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/long-term-bitcoin-holders-accumulate-23-billion-worth-of-assets\/#Significant_Accumulation_Behind_the_Scenes\" title=\"Significant Accumulation Behind the Scenes\">Significant Accumulation Behind the Scenes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/long-term-bitcoin-holders-accumulate-23-billion-worth-of-assets\/#Bullish_Factors_and_Market_Sentiment\" title=\"Bullish Factors and Market Sentiment\">Bullish Factors and Market Sentiment<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Significant_Accumulation_Behind_the_Scenes\"><\/span>Significant Accumulation Behind the Scenes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>CryptoQuant founder and CEO<strong> Ki Young Ju<\/strong> stated in an X post on August 7, &#8220;I definitely know something is happening behind the scenes.&#8221; This comment referred to the recent increase in demand change for long-term Bitcoin holders over the past 30 days.<\/p>\n<p>Around $22.8 billion worth, or 404,448 BTC, has been moved to long-term holder addresses in the last 30 days, which Ki described as clearly accumulation. He predicted that TradFi institutions, corporations, or governments will announce Bitcoin purchases in the third quarter of 2024. He added:<\/p>\n<p>&#8220;<em>And retail investors will regret not buying because they were worried about the German government&#8217;s sale, Mt. Gox, or whatever macroeconomic nonsense.<\/em>&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bullish_Factors_and_Market_Sentiment\"><\/span>Bullish Factors and Market Sentiment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a separate post on August 7, <strong>Ki Young Ju<\/strong> pointed out additional bullish factors such as Bitcoin miner activities. &#8220;Miner capitulation is almost over,&#8221; he said, noting that the hash rate is approaching all-time highs and that mining costs in the US are around $43,000 per coin. As long as this level is not breached, the hash rate is likely to remain stable.<\/p>\n<p>&#8220;<em>Retail investors are largely absent, similar to mid-2020&#8243;<\/em> he added, noting the declining activity of old whales. Those holding for over three years sold between March and June, but currently, there is no significant selling pressure from old whales.<\/p>\n<p>&#8220;<em>Based on this data, I believe the bull market is still intact. If the market doesn&#8217;t recover within two weeks, I will reassess. I&#8217;m following the smart money, so if I&#8217;m wrong, it means these new whales are either misguided or underestimating the macro environment<\/em>.&#8221;<\/p>\n<p>At the end of July, Ki had observed the flows to long-term holder addresses and compared them to asset flows like ETFs, noting that not all remaining BTC was in custody wallets, saying, &#8220;Whales are clearly accumulating, and this is an unprecedented level.&#8221;<\/p>\n<p>Accumulation seems to have increased since the market drop on August 5, which brought BTC prices down to $49,800. The asset has since rebounded by 14%, reclaiming $57,000 on August 6. Additionally, <strong>the Bitcoin &#8216;Fear and Greed&#8217; index<\/strong> has risen from &#8216;extreme fear&#8217; to a level of 29, indicating a slight improvement in sentiment.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400;\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.io\/news\/\"><i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin &#8220;long-term holder addresses&#8221; have accumulated approximately $23 billion worth of assets in the past month, according to on-chain data. Significant Accumulation Behind the Scenes CryptoQuant founder and CEO Ki Young Ju stated in an X post on August 7, &#8220;I definitely know something is happening behind the scenes.&#8221; This comment referred to the recent<\/p>\n","protected":false},"author":6,"featured_media":20334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[61,4328],"class_list":["post-26125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-bitcoin","tag-ki-young-ju"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Long-Term Bitcoin Holders Accumulate $23 Billion Worth of Assets - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/long-term-bitcoin-holders-accumulate-23-billion-worth-of-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long-Term Bitcoin Holders Accumulate $23 Billion Worth of Assets - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin &#8220;long-term holder addresses&#8221; have accumulated approximately $23 billion worth of assets in the past month, according to on-chain data. 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